The Diamond Dealers Club just concluded an agreement that will offer reciprocal membership with another New York group, the Indian Diamond and Colorstone Association, it announced June 27.
The IDCA represents some 200 Indian-American businesses in the U.S. diamond sector, and is known for the Gala Dinner it throws in Vegas each year.
“Working together, we can drive supply chain costs down, make payments fully secure, and expand markets for all,” said DDC vice president Basant Johari, who is also a past-president of IDCA, in a statement.
The announcement came as the leadership of the Diamond Dealers Club held meetings with officials from the Consul General of India in New York and officials the New York branch of the State Bank of India. DDC officials, including president Moshe Moshbacher, detailed the advantages that Indian dealers would have becoming DDC members. Accompanying them were senior executives from TransGuardian, a software provider that is a strategic partner of the DDC.